TOLEDO, Ohio, Sept. 7 /PRNewswire-FirstCall/ -- Owens Corning has signed a definitive agreement to sell its CFM (Continuous Filament Mat) business in Huntingdon, Penn., as well as related marble production assets in Anderson, S.C., to AGY, a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a wide variety of composites applications. Terms were not disclosed.
Owens Corning previously announced that it planned to sell composite manufacturing facilities located in Battice, Belgium; Birkeland, Norway; and Huntingdon, Penn. The divestitures are intended to address regulatory concerns associated with Owens Corning's proposed acquisition of Saint-Gobain's Reinforcement and Composites business.
The divestiture is subject to regulatory approval, and is expected to close during the fourth quarter of this year.
About Owens Corning
Owens Corning is a world leader in building materials systems and composite solutions. A Fortune 500 company for 53 consecutive years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing and masonry products, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Founded in 1938, Owens Corning is a market-leading innovator of glass fiber technology with sales of $6.5 billion in 2006 and operations in 26 countries. Additional information is available at http://www.owenscorning.com/.
About AGY
AGY serves a diverse range of markets including aerospace and defense, electronics, construction and industrial. Headquartered in Aiken, S.C. (USA), AGY has a European office in Lyon, France, and manufacturing facilities in Aiken, S.C., and Huntingdon, Penn. Additional information may be found at the company's website, http://www.agy.com/, or by email at
